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Broadcom Pushes Deeper Into Software With Symantec Acquisition

Symantec is Real Money's Stock of the Day. Shares of the cybersecurity firm are surging today amid reports that firm could be bought by chipmaker Broadcom. TheStreet's Annie Gaus breaks down what you need to know.

Talks between the two groups are reportedly at an advanced stage, with Broadcom looking to add Symantec's $4 billion in annual sales, led by its Norton and LifeLock product suites, to offset the recent slump in revenues from its semiconductor solutions business.

Following Broadcom's purchase of CA last year, it is clear that there is less of focus on hardware when it comes to their M&A strategy and more about building out the software to go with their hardware.

This news comes amid concerns that increased tensions in the U.S.-China trade war, and the blacklisting of Huawei, could disrupt global semiconductor demand.

For more in depth coverage of the Broadcom's acquisition of Symantec get over to our premium site RealMoney.com